Eight Roads Ventures has announced a $17m minority investment in specialist multi-channel retail data services provider More2.
More2 was established in London in 2002 to help retailers use data to better understand how their customers behave. Its client list includes Boden, Charles Tyrwhitt, L.K. Bennett and Sweaty Betty.
It has a staff of more than 100 employees and claims to help small and medium sized retailers navigate a period of rapid market flux, grow quickly and compete on a level technical playing field with the largest retailers.
Eight Roads Ventures’ investment in More2 is well-aligned with its strategy to back successful European entrepreneurs in achieving their growth ambitions.
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Kevin McSpadden, More2’s Founder & CEO, has successfully built a UK market leader without ever raising external capital. The company was looking to partner with a value-add investor to help More2 accelerate growth by entering new markets and industry segments and the Eight Roads team has significant technology, retail and growth expertise to support More2 in achieving these objectives.
“During the past 13 years, More2 has remained laser focused on the needs of its retail clients, helping them use technology to understand their rich data assets and make informed marketing decisions.
“Their work makes the world of difference to small and medium retailers resulting in an extremely loyal customer base. We are delighted to partner with a bootstrapped business that holds the success of its clients at its heart, and look forward to bringing our retail technology experience to reinforce the hard work of the More2 team so far,” says Davor Hebel, partner, Eight Roads Ventures.
Kevin McSpadden, More2 founder & CEO said: “We invested a lot of time evaluating and choosing the right partner. Without doubt, Eight Roads Ventures were the smartest, most passionate and entrepreneurial team, who shared our culture and values.
“We are delighted to partner with an investor with such a great track record, bringing deep technology and retailing experience with a passion for innovation.”
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